Money News

Over-30s 'face highest rate of inflation'

Individuals aged between 30 and 64 years are being hit hardest by inflation, according to the Alliance Trust.

Recent research published by the financial organisation found that all age groups faced large increases in their interest rates during November.

The worst affected age group were the 56-64-year-olds, who saw their rate of interest jump from 1.9 per cent to 2.8 per cent in a month, bringing it level to the rate experienced by 30 to 49-year-olds.

This rate comes in at 49 per cent higher than the official rate of inflation. The biggest inflation increases were being seen on petrol prices and food bills.

Shona Dobbie, head of the Alliance Trust Research Centre, said: "These price moves are having the greatest impact on the two working age groups, who spend a larger proportion of their budgets on the goods and services which are seeing high price increases."

The over-75s are continuing to see the lowest rate of inflation, after their rate increases slowed down in October, making them the group experiencing the lowest inflation rate for the first time is two years, according to recent research by the organisation.